Overview
Develop an internal control / risk analysis for an invoice payment process.
For this assignment, you will be asked to develop a process narrative describing a federal government invoice payment process at your current or prior organization. This narrative should include the following:
- High-level description of the purpose of the invoice payment process;
- Titles and responsibilities of those involved in this process;
- Title and Issuance Date for Policies and Procedures for the process;
- Process Inputs and Outputs and Systems used;
- Chronological flow of major tasks from initiation to completion and major approval points;
- Analysis of Process Risks and Best Practices using content from Standard for Internal Control in the Federal Government (Green Book).
- Develop a control matrix identifying three key controls as they should be ideally operating as part of the invoice payment process. The control matrix should contain the following elements: Control Objective, Business Risk, Control Text, Control Owner, Frequency, Nature of the Control (Preventative/Detective and Manual/Automated), and Control Documentation
This assignment should be approximately 750 words. Please follow the footnote style based on Chicago Style Manual requirements for any references – a bibliography not required. The paper will include a signed Academic Integrity Statement as part of the assignment cover page. The grading rubric for this assignment is presented within Blackboard.